人气爆棚引关注 2025年9月17日至19日第二十三届中国国际橡胶技术展览会(RubberTech China 2025)在上海新国际博览中 心举办。圣奥化学携新老产品和解决方案亮相展会现场。 开展首日，圣奥化学展台吸引了不同背景的专业人士参观咨询，洽谈交流的国内外客户络绎不绝。既有 与公司保持长期合作的老客户，也有来自全球各地的新朋友，双方围绕各类产品的特性、应用场景、可 持续发展举措以及未来战略规划等方面展开深入沟通。圣奥化学致力于为客户提供更优质环保的产品和 更稳定高效的服务，不仅为公司未来的战略布局与研发方向提供了重要指导，也将帮助公司更精准地满 足客户多样化的需求。中国中化副总经理、党组成员王力刚莅临圣奥化学展台，了解公司在科技研发、 创新技术、绿色产品等方面的优势，以及在促进剂、防老剂、特种酮产品上取得的积极进展。中化国际 总经理庞小琳，中化国际副总经理、圣奥化学董事长陈洪波陪同。 创新产品齐亮相 圣奥化学拥有全球领先的聚合物添加剂业务，本次展会全面展出了橡胶促进剂、橡胶防老剂、特种酮、 中间体、不溶性硫黄等创新产品，覆盖聚合物添加剂产品多个品类，应用场景覆盖轮胎、涂料、汽车、 农业等多个领域，充 ...

比如，圣奥化学促进剂产品系列中的次磺酰胺类促进剂抗焦烧性能优异，硫化速度快，硫化胶耐老化性 好，可广泛应用于轮胎、胶鞋、胶管、胶带、电缆等领域;高品质特种酮产品系列中的甲基异丁基酮、 甲基异戊基酮、二异丁基甲酮、甲基正戊基酮等，采用自主研发的国际领先工艺，有效填补了国内空 白，可应用于生产高端橡胶防老剂、表面活性剂、环保油漆涂料、数字印刷油墨、电子化学品、工艺溶 剂等领域。 中化新网讯 在9月17日至19日于上海新国际博览中心举办的第二十三届中国国际橡胶技术展览会上，圣 奥化学展出的创新产品和解决方案广受青睐。 展会上，圣奥化学展台吸引了不同背景的专业人士参观咨询，洽谈交流的国内外客户络绎不绝。其中既 有与企业保持长期合作的老客户，也有来自全球各地的新朋友，双方围绕各类产品的特性、应用场景、 可持续发展举措以及未来战略规划等方面展开深入沟通。 本次展会上，圣奥化学展出了橡胶促进剂、橡胶防老剂、特种酮、中间体、不溶性硫黄等创新产品，覆 盖聚合物添加剂产品多个品类，应用场景覆盖轮胎、涂料、汽车等多个领域，充分展现了产品的环境友 好性和绿色可持续发展方向。 ...

Group 1 - The speech by General Secretary Xi Jinping emphasizes the importance of inheriting and promoting the great spirit of the Anti-Japanese War, which resonates with the people's sentiments and points towards the direction of progress [2][5] - The city’s industrial and information technology sector aims to implement the spirit of the speech by focusing on key industries and enhancing competitive advantages, with targets set for 2025 to achieve a scale of over 1 trillion in software and information services and 500 billion in smart grid industries [1][2] - The city’s development and reform commission plans to translate the spirit of the speech into concrete actions, focusing on high-quality development and key reforms, while enhancing the city’s development capabilities [2][5] Group 2 - The customs authority aims to enhance regulatory efficiency and service levels, promoting cross-border trade facilitation to drive high-quality foreign trade development in Nanjing [2][3] - The local customs will focus on supporting the development of key industries such as cross-border e-commerce and biomedicine, while enhancing the airport's hub functions [4][5] - Companies like Nanjing Steel and Nanjing Chemical are committed to translating the spirit of the speech into practical actions, focusing on technological self-reliance and innovation in their respective fields [5][6]

Group 1 - The company disclosed its main operating data for the first half of 2025, including production, sales volume, and revenue for key products [1] - Chlorobenzene products had a production volume of 129,943.62 tons, sales volume of 127,172.51 tons, and revenue of 75,723.26 million yuan [1] - The total production volume for caustic soda products was 1,173,138.18 tons, with a sales volume of 390,802.41 tons and revenue of 59,837.47 million yuan [1] Group 2 - The average price of chlorobenzene products decreased by 13% to 6,868.34 yuan per ton compared to the previous period [1] - The average price of caustic soda products decreased by 5% to 1,611.59 yuan per ton [1] - The average price of resin products increased by 8% to 11,635.39 yuan per ton [1] Group 3 - The average price of rubber antioxidants decreased by 11% to 18,978.35 yuan per ton [1] - The average price of benzene, a key raw material, decreased by 26% to 8,187.00 yuan per ton [1] - The average price of coal decreased by 21% to 792.00 yuan per ton [1]

| 主要产品 | 2024 年 | 1-6 | 月平 | 2025 年 1-6 | | 月平 | 变动比率 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 均价格（元/吨） | | | 均价格（元/吨） | | | | | 氯苯产品 | | 6,868.34 | | | 5,954.37 | | -13% | | 氯碱产品 | | 1,611.59 | | | 1,531.14 | | -5% | | 树脂产品 | | 11,635.39 | | | 12,584.80 | | 8% | | 橡胶防老剂 | | 18,978.35 | | | 16,842.72 | | -11% | 主要产品 2025 年 1-6 月产 量（吨） 2025 年 1-6 月销 量（吨） 2025 年 1-6 月销 售金额（万元） 氯苯产品 129,943.62 127,172.51 75,723.26 氯碱产品 1,173,138.18 390,802.41 59,837.47 树脂产品 164,669.30 144,996.16 182,474.76 橡胶防老剂 ...

Core Viewpoint - China National Chemical Corporation (Sinochem International) expects a significant net loss for the first half of 2025, with net profit attributable to shareholders ranging from -76,067 million to -89,490 million yuan, indicating a challenging financial outlook due to low product prices and operational difficulties [1][6]. Performance Forecast - The company anticipates a net profit attributable to shareholders of -80,675 million to -94,911 million yuan for the first half of 2025, with a net profit excluding non-recurring items expected to be between -76,067 million and -89,490 million yuan [1]. - The forecast has not been audited by registered accountants [1]. Previous Year Comparison - In the same period last year, the net profit attributable to shareholders was 1,232 million yuan, while the net profit excluding non-recurring items was -82,525 million yuan [1]. - Earnings per share for the previous year were 0.003 yuan [1]. Reasons for Expected Loss - The primary reason for the expected loss is the impact of the main business operations, with product prices remaining at historical lows despite efforts to enhance operational capabilities [1]. - The company is focusing on improving operational management through marketing, production efficiency, and cost reduction in the supply chain [1]. Business Segments Overview - The company operates in five main segments: basic raw materials and intermediates, high-performance materials, polymer additives, chemical materials marketing, and other segments [3]. - The basic raw materials segment includes products like epoxy chloropropane and caustic soda, while high-performance materials include epoxy resins and ABS [3]. Production and Cost Management - The company has implemented strategies to increase production efficiency, achieving a 13% year-on-year increase in capacity utilization and a 2.4% reduction in production costs [2]. - Efforts to optimize procurement and logistics have resulted in a 3.5% decrease in procurement costs and a 4.2% reduction in logistics costs [2]. Market Conditions and Challenges - The company faces challenges in various product markets, with prices for key products like acetone and ABS declining due to market conditions [5]. - The ABS segment has seen a 2% decrease in revenue, while the aramid fiber segment has experienced a 23% drop in product prices [5]. Non-Operating Losses - The company has recognized losses related to the bankruptcy of a subsidiary, which has impacted its financial results [5]. - There has been a significant reduction in government subsidies compared to the previous year, further affecting profitability [5].

Group 1 - In the first quarter, Nanjing's industrial growth rate reached 81.1%, with 30 out of 37 major industries showing year-on-year growth [1][4] - The pharmaceutical manufacturing sector experienced a significant increase of 13.7% in value added [4][3] - The biopharmaceutical industry in Nanjing generated over 210 billion yuan in revenue last year, becoming a key driver of high-quality economic development [3][4] Group 2 - The new high-end daily chemical products project by Jinling Petrochemical, with a total investment of approximately 10 billion yuan, is expected to achieve an annual output value of 23 billion yuan upon completion [5] - The automotive sector saw a retail sales increase of 22.9%, with new energy vehicles experiencing a remarkable growth of 128.7% [5][6] - The investment in emerging manufacturing sectors, such as computer communication and electronic equipment manufacturing, grew by 41.7% year-on-year [8] Group 3 - The establishment of the Nanjing Biopharmaceutical Industry Promotion Office aims to accelerate the transformation of cutting-edge technologies and support the development of innovative drugs and medical devices [4][9] - Nanjing's industrial landscape is characterized by a strong focus on innovation and the cultivation of new growth points, with significant projects underway to enhance production capacity [7][9] - The city is recognized as a national pilot for various advanced manufacturing initiatives, indicating its commitment to becoming a leading industrial hub [7][9]

Investment Rating - The investment rating for Sinochem International is maintained at "Buy" [1] Core Views - The report highlights that Sinochem International's 2024 performance was significantly impacted by impairment losses, leading to a net profit of -2.84 billion yuan, a year-on-year decrease of 53.52% [4][6] - The company reported a revenue of 52.93 billion yuan in 2024, down 2.48% year-on-year, with a notable decline in net profit in Q4 2024 due to increased competition and overcapacity in the lithium battery sector [6][10] - In Q1 2025, the company showed signs of operational improvement with a reduced net loss of 396 million yuan, reflecting a 38.64% year-on-year decline but an 82.92% increase from the previous quarter [5][7] Summary by Sections Financial Performance - In 2024, Sinochem International achieved a revenue of 52.93 billion yuan, with a year-on-year decline of 2.48% and a net profit of -2.84 billion yuan, down 53.52% [4][11] - The Q4 2024 results showed a revenue of 13.43 billion yuan, a 19.32% increase year-on-year, but a significant net loss of -2.32 billion yuan, a 77.38% decline year-on-year [6][11] - For Q1 2025, the company reported a revenue of 10.80 billion yuan, a decrease of 7.01% year-on-year, but a sequential improvement in net loss [5][11] Operational Insights - The report indicates that the company is focusing on its "2+2" core industrial chains, aiming to strengthen its market position in epoxy resin and polymer additives while expanding into engineering plastics and specialty fibers [8][9] - The company has a robust project pipeline, with ongoing developments in its catalyst project and nylon 66 market, which has seen a 70.99% increase in sales [9] Future Projections - The forecast for net profit from 2025 to 2027 is projected at -729 million yuan, 48 million yuan, and 421 million yuan respectively, with corresponding P/E ratios of 276.89 and 31.47 for 2026 and 2027 [10][11]

Investment Rating - The investment rating for Sinochem International is maintained at "Buy" [1] Core Views - The report indicates that the company's performance in 2024 was significantly impacted by impairment losses, leading to a net profit of -2.84 billion yuan, a year-on-year decrease of 53.52% [4][6] - In Q4 2024, the company reported a revenue of 13.43 billion yuan, a year-on-year increase of 19.32%, but a net loss of 2.32 billion yuan, reflecting a substantial decline in profitability [6] - The first quarter of 2025 showed a reduction in losses, with a net loss of 396 million yuan, which is a 38.64% decrease year-on-year [5][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 52.93 billion yuan, down 2.48% year-on-year, and a net profit of -2.84 billion yuan [4][6] - The Q4 2024 results showed a significant decline in net profit, primarily due to impairment provisions totaling 1.606 billion yuan [6] - The first quarter of 2025 reported a revenue of 10.80 billion yuan, a decrease of 7.01% year-on-year, but an improvement in net loss compared to the previous quarter [5][7] Business Strategy - The company is focusing on building a "2+2" core industrial chain, with a rich pipeline of projects under construction [8][9] - It aims to strengthen its position in epoxy resin and polymer additives, while also expanding into engineering plastics and specialty fibers [9] Profit Forecast - The forecast for net profit from 2025 to 2027 is -729 million yuan, 48 million yuan, and 421 million yuan respectively, with corresponding P/E ratios of 276.89 and 31.47 [10][11]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]